4850 Camino Al Norte, N. Las Vegas, NV 89031
Size +/- 12,040 SF
The Berg Advisory Group presents Harbour Center (the ‘Property’), a +/- 12,040 SF multi-tenant strip center located at the hard corner of Camino Al Norte and Lone Mountain Road in the Las Vegas MSA. Harbour Center is 100% occupied and all tenants are set up on NNN leases, with the tenants reimbursing the operating expenses.
The major tenants in Harbour Center are Scoundrel’s Pub II and Sinclair Gas Station. Scoundrel’s Pub II is a bar/gaming tavern that has operated at this location since 1994, and has a long-term lease in place until 2034. The bar has a 15-gaming machine license which generates additional revenue. The operator of Sinclair Gas Station recently signed a lease until 2034 and spent $20,000 in interior renovations to the convenience store. The convenience store also has a rare 15 gaming machine license, generating additional income for the tenant. The Landlord spent $85,000 to replace all of the gas pumps, minimizing future capital improvements to the new owner.
Directly across the street, over 2,100 housing units are being developed across +/- 182 acres of land. The area has above average demographics, with more than 19,000 residents living within a one-mile radius of Harbour Center and an average household income of $75,000. North Las Vegas has been on a growing spree and has built more than 10 million SF of new industrial space since 2012. Major retailers like Amazon, Sephora and Bed Bath and Beyond all have distribution centers, with Amazon’s distribution center less than 5 miles from Harbour Center.
100% Occupied Property with Service-Based Tenants:100% Occupied Property with Service-Based Tenants: Harbour Center is a rare 100% occupied retail strip center consisting of a tavern (15 gaming machine license), Sinclair gas station (15 gaming machine license), and a quick lube. 92% of Harbour Center’s businesses (97% of the total income) have over a 27 year history at this location.
Major Residential Development: Construction is underway to build over +/- 2,100 housing units immediately across the street. One of the developments, Century Communities, will contain 5 villages built on over +/- 122 acres of land. The inflow of new residents to the immediate area will provide additional customers to Harbour Center.
Long Term Leases in Place w/ Annual Increases: 60% of the rent roll does not come due until 2034, therefore protecting the new owner from a large reduction in vacancy. Also, all tenants have a minimum 2% annual increase in their leases.
Recent Capital Improvements: The owner invested $85,000 to upgrade Sinclair’s gas pumps and the tenant spent $20,000 on convenience store renovations.
Strong Retail Corridor: Located in a dense retail corridor surrounded by some of the largest and most recognized names in the retail industry, including The Home Depot, Walmart, Office Depot, Ross Dress for Less, Burlington Coat Factory, Harbour Freight, and Chick-fil-A.